SoFi Bank will operate as an online-only institution, with no branches or deposit-taking ATMs, the TechCrunch report said.

The bank will offer customers FDIC-insured NOW account and a credit card product, the report said.

SoFi, which started out as a company that refinances student loans, launched a digital wealth management platform in May.

San Francisco-based SoFi raised $500 million in a Series F financing round led by Silver Lake Partners earlier this year. The company's investors include Japanese telecommunications and internet company SoftBank Group Corp (9984.T).

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(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)